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Khazanah offloads Yes Bank shares, News Corp exits Hathway

At least two foreign investors, global media conglomerate News Corp and a Malaysian government arm, on Monday exited from their two separate Indian investments in deals totalling about Rs 1,000 crore.

At the same time, UAE-based telecom major Etisalat , which recently made public its intention to exit India, also said on Monday that it has started proceedings for winding up operations of its Indian venture.

Making it a day full of deals, the foreign entities also made fresh investments in at least two Indian firms, but the total size of these deals was smaller at about Rs 550 crore.

Also, these deals came close on the heels of global banking giant Citigroup selling its holding in domestic financial services giant HDFC (for about USD two billion), Singapore government's investment arm Temasek paring its stake in ICICI Bank, and a few private equity players selling shares of HDFC as also Kotak Mahindra Bank.

The market experts are mostly attributing these deals to mostly the foreign entities cashing on their investments in India, given a sharp rebound in their valuations in past few months. After falling by over 25 per cent during 2011, the stock market valuations in the country soared by about 20 per cent in the first few weeks of 2012.

Also, the foreign entities having sold stakes in recent past continue to have significant exposure in India despite these recent deals. Also, it has been foreign investors only, that have acquired most of the assets sold by overseas firms.